Systematic Review of the Long-Term Financial Security of Future Retirees: The Impact of COVID-19 Pre-withdrawals Retirement Fund

The COVID-19 pandemic has caused significant global economic disruption, affecting financial institutions, labor markets, and individual financial stability. One major consequence has been the increased necessity for individuals to access retirement benefits prematurely to mitigate financial impacts. This study explores the implications and motivations behind such withdrawals, highlighting the need for further research to understand the long-term impacts and consider future policy applications. Compared to standard literature reviews, systemic analysis has numerous advantages. The method ensures a clearer review process, a more focused research topic, and a crucial emphasis on managing research bias, all of which can improve these evaluations. Notably, most withdrawals were used for beneficial objectives, such as managing daily expenses, repaying debts or debts, and funding children's education during the MCO. However, the implications of pre-withdrawal retirement funds raise serious concerns that must be addressed promptly. Now that the savings have been depleted, the negative consequences may not be visible in the short term but might be severe in the long run, especially because many of the withdrawals were made by the younger generation.